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Us 29, Jerusalem 16, Bill Clinton 9, Obama 8, America 8, Clinton 8, Israel 7, Florida 6, Mario Draghi 5, Walgreen 5, California 4, Europe 4, Arthur Brooks 4, Romney 4, Lifelock 4, Nokia 3, Rasmussen 3, Humana 3, Neil Cavuto 3, Richard Trumka 3,
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  FOX Business    Varney Company    News/Business.  
   Wall Street news. New.  

    September 6, 2012
    9:20 - 11:00am EDT  

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>> he has laid the foundation for a new modern successful economy, a share of prosperity. and if you will renew the president's contract you will feel it. you will feel it. stuart: well, we've heard this before, a plea for more time. we'll get millions of jobs in new industries if we just reelect president obama. bill clinton echoes the first lady we need four more years. the convention crowd gives the former president a very warm reception. but with god and jerusalem, it was a very different story, an extremely negative reception. there were loud boo's and chaos on the convention floor when the democrats tried to put those words back into the platform.
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boos and chaos, for the parents and grandparents who bought gold coins for the family, lent news, gold over $1700 an ounce, why? because it looks like the europeans are going to fire up the money printing press. watch out everybody, big names on the show today and "varney & company" is about to begin.
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>> good morning, "varney & company" viewers, september the 6th. are you better off than four years ago? last night the at the dnc, bill clinton said this. >> now, are we where we want to be today? no. is the president satisfied? of course not. but are we better off than we were when he took office? >> mr. clinton went on to say that president obama could have made things even better if republicans were willing to
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compromise. now, listen to this. >> fortunately shall the facts that now dominate the republican party doesn't see it that way. and they think government is always the enemy and they're always right and compromise is weakness. >> fact check, please. according to the associated press, even when the democrats and president obama held the super majority in congress, they still could not agree on or pass key policies and that brings me to massachusetts, senate candidate elizabeth warren, last night she continued the democrat's theme of class warfare and she attacked america's successful businesses. >> people feel like the system is rigged against them. and here is the painful part. they're right, the system is rigged. look around. stuart: the system, would that be capitalism? the big event is tonight. president obama takes the stage tonight on the final night of the dnc and the wall street journal reports he will know the
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big august jobs numbers before he makes that speech. the less of us will have to wait until tomorrow morning for the crucial numbers and "varney & company" will have it for you. we will sim mull cast it 8:30 sharp on the fox business and fox news channel. give you the quick analysis as soon as it happens. and labor leader richard trumka speak with neil cavuto and something interested happened. >> we'll do this if i'm not telling the truth about germany i'll give you my salary for a year. if i am, you you give me your salary for a year. stuart: oh, steady on there. what's that all about? you'll find out at the end of this year, and you can make your own bets if you wish. what kind of message did the democrats send during this scene? did you see it sm many delegates on the floor voting no putting god and jerusalem back in the party platform.
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there were loud boos from some delegates. we're about to ask a delegate what that says about his party. want to try to crack it? yeah, that's the way to do it!
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why? because the europeans are going to print. mario draghi of the european central bank will buy bonds and has to have some conditions attached. yes, he's going to print and buy, good for stock and oil. however, we have a negative reading on the employment front. 365 tu new claims for jobless benefits because they revised upward. basically level of hiring and level of laying off too high. and should be 60, 70 points higher in the first few minutes of business. i want to take a look at the price of gold as the markets are looking to europe to print money, 1,706 an ounce. we were a bit higher, but 1700
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per ounce of gold this morning. and you know, where is the price of walgreen's nicole? >> we've seen it for walgreen's under pressure this morning and coming out with numbers, none of which are good news, right, when you talk about sales and revenue, really missing all of the estimates, the comp sales, the comps month over month and where they saw more strength in july. they gave is back in august and lost a key deal with express scripts. >> i was going to say that walgreen's is a good economic indicator, when the sales forecasts are down that's a negative for the overall economy. but, if they lost the express strips deal. that's a bigger factor than an overall quick indicator, wouldn't you. >> if i'm the ceo i'm pounding the dinner table how i'm going to get that back. stuart: you've been to florida on every crossroads there's a cvs here and a walgreen's there; is that true >> it's true, the mom and pops,
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you don't know if there are mom and pops shops there. stuart: none of them have early bird specials. and thank you. the dow is up, look at this, far more than we thought. a 104 point gain. evidently investors think those europeans will be printing up a ton of money. up 106. yesterday, democrats restored language declaring jerusalem as israel's capital. but the process did not seem very democratic, there was quite a stir on the the floor, for what i'm calling an ugly scene. >> look at this. >> all those delegates opposing no. in the opinion of the chair, two-thirds have voted in the affirmative. the motion is adopted and the platform has been amended as shown on the convenient. stuart: what i walk away with that from scene is the democrats booing god and jerusalem as the capital of israel. and were the voices of the majority of the delegates ignored there? and peter joins us from
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charlotte, north carolina, congressman, welcome to the program. what it seems like to me when i saw that scene unfold yesterday. it seems like the secular humanists, atheists and anti-ist israel people have a strong stake in the democratic party. >> i disagree with that. the question of the capital of israel and jerusalem is a very important question. jerusalem is of course is unique city because it has such an importance to jewish people, also to christians and to muslims. and obviously, in the end of the day, the decision on the capital of the country is up to the country. you saw that debate was a messy process, but you know what? it's not a big surprise, the convention generally has some messy aspects to it, but i don't-- >> congressman, i'm sorry, i had araise two points. number one, no one has yet explained why god and jerusalem were taken out of the platform. we've asked numerous people and
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nobody has come up with a firm answer. number two, there are reports this morning that president obama knew about the removal of god and jerusalem from the platform before it happened. your comments? >> well, two things, number one, i don't have the answer for it either, but the debate about what should be in a political platform, republican or democrat, when it comes to people's belief in god, and also the capital of another country, that's the debatable proposition. and you saw a bit of a messy process, but at the end of the day, the president is the one who's going to have the final say in what's in our platform. and the-- just as mr. romney has the final say in what's going to be in their platform and this is like a passing, i think, kind of event. because really, what we're locked in is a vision of the future and how we're going to grow our economy and that's going to be the main source of debate and difference between president obama and governor
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romney in this campaign. stuart: there are 29 electoral college votes up for grabs in florida and there is a very heavy jewish vote in florida. you think it lost florida? >> no, i don't. i think it's an incidental process, messy at any convention, whether it's republican or democrat. a lot of-- especially on an issue that's so personal, what we believe about a god, what our religion is, there's always a tension between what should be secular, properly secular, the role of government, and what should be personal and private and that's your own individual decision about your belief. stuart: congressman i'm not going to ask about your spiritual, your own beliefs. that's not the point here. are you somewhat dismayed that the turn of events within your party, that it really does look like the secular humanists really have a powerful voice in the democratic party which they did not used to have. they're coming on strong, aren't
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they? >> see, no, i disagree with you. i'm here at the convention and i barely knew about what happened until i saw your clip and heard about it. because when you're on the convention, you hear about it more. that's not what's on their mind. this is something that could be brought forward and you could make the argument that you're making, but in terms of what is motivating democrats here, this was not really at all front and center, but there was a lot of focus on the successes of michelle obama's address and bill clinton making the case, the mess of the economy that president barack obama inherited and there's president obama tonight looking over the horizon and telling us where we're going to go. this is a passing event for discussions on programs like yours, but doesn't indicate where the party is. stuart: it's out there, sir. really is. congressman peter welsh, democrat, we always appreciate
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when you appear with us, thank you. >> thank you. stuart: another big movie higher this morning, all right, nicole. >> sears was a great performer as of late. it was boosted out of the the s&p 500, guess who is buying up shares? eddie lambert the last 24 hours in a filing, 2.4 million shares he purchased. do you know how much that's worth? 126 million dollars. so when we heard zuckerberg was not selling facebook, the stock popped. when you see lampert buying shares, the stock popped. when you see the manager buying shares, i feel confidence in the company, you should, too. stuart: i don't want to ignore a rally, but please, the dow jones industrial average is now up 145 points. why you ask? >> pretty good. stuart: yeah, 153 points, 13-2 where we are, standard answer to that is the europeans gary to go print money and mario draghi is going to buy some bonds and tell which bonds we bought and what
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the price was and how long he's going to hold them for, okay? going to be transparent and conditional bond buying, up goes stocks. gas prices are holding flat. 3.82 nationally for regular, but nine states and the district of columbia have now joined the $4 club. look at the map here, all, but one of these states is expected ogg to go for president obama in november. for president obama mostly the big population states. you add it up, we did the math. that's 102 million people paying about $4 or more for regular right now. and that's the gas story. back to the democrat national convention, bill clinton speaks last night making the headlines this morning, but, will he end up overshadowing president obama? joe trippi from joe trippi and associates joins us from charlotte. joe, if i had to guess, i would say if there was a free vote held in that convention hall last night between president obama and former president bill clinton, those delegates would
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vote for four more years of bill clinton, am i right? >> i think they would have voted for four more years of democratic progressive policies on the economic front. no, the one thing i think that bill clinton had, i think, in terms of not just in the room, but across the nation on television last night, is the credibility of being the last president, i think, most americans would say, you know, marshalled us from a recession into a booming recovery and a booming jobs creation market. ronald reagan did it, too, but bill clinton still here and was able to talk to the country and be an arbiter between romney and obama and say, i know how hard it is, he's-- it's a plea for time, wasn't it. >> it was a plea for time. >> absolutely. >> he's saying, look, we're off and running, but, we haven't succeeded yet. we need four more years. do you think that the
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countries-- >> i mean, it's a question about enthusiasm, do you feel that the people out there away from the convention all. are they jumping up and down, demanding, we want four more years of this? are they? >> no, no, what they-- what they're looking for is who has the plan that's going to succeed and get us moving forward. i think, look, one of the reasons we're in a dead heat right now, between romney and obama is romney in particular hasn't really put some specifics out there and they're not sure given the past performance of obama, whether he can do that. clinton said, look, i was there, i've been there, i know how hard it is, people didn't -- you know, we were slow, too, getting off by '96 it started to take off. wait, give this man time. i know he's on the right path. the romney policies won't work, we've done that before. i think, you know, that's the decision voters are going to have to make. stuart: i've got two quick points, you get your comment in fast. >> sure. stuart: number one, i think bill
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clinton's speech started very, very late, oh, past 10:30 eastern time and only really been picked up on the west coast and you've already won the west coast for heaven's sake. number two, that booing of god and jerusalem on the floor, i think in some degree bill clinton overshadowed. >> number one the speech was 50 minutes long and went way past a lot of people's got to get to bed get ready for work time. and i think that a lot of people missed some of that speech, but you're right. the whole god debacle is a self-inflicted wound that just shouldn't have happened. and those kinds of things normally they happen a lot in platform committees, but they're way before the convention and get to the convenes report and that vote on it to the first time that voice vote happened, bang, bang the gavel, say it passed and get on with it.
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don't do it three times. in that case it's going to show up repeatedly between now and november. stuart: joe trippi, you're one of the political stars we've lined up for our viewers this morning and hope you'll come again and see us soon. >> thank you. stuart: i've got your seven early movers this thursday morning. the storage company, and less money coming in. that stock is down 24%. and so does electronic payment processor verifone, they see less money coming in, they are down 9%. the aerospace company, aar, made more money than expected and their stock is up 10% and they're moving. harry winston diamonds profits disappointed. nonetheless up 44 cents. and clothing retailer, men's warehouse raised its outlook and it's up 12%. did you look up homes prices on zillow offering shares, down a little. tax preparer h & r block took in less than expected. it's down a little. bill clinton, he paid his case
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for reelecting president obama last night and said we need to give him another chance. listen to this. >> no president, no president, not me, not any of my predecessors, no one could have fully repaired all the damage that he found in just four years. stuart: all right, well, is that all the economy needs, just more time? we will ask arthur brooks with the american enterprise institute when we come back. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person,
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>> this is a rally. dow 137. because the europeans are going to print and mario draghi will buy bonds and bill clinton said we're better off than four years ago that president obama has laid the frame work for more economic growth still to come and needs another term before we can feel it. joining us is arthur brooks, another of the stars we've assembled for you today. abbing, arthur, if we give barack obama another four years, will we have a robust return to clinton stands up there, hey, look, we're better off than fou four years ago, what kind of argument is that. stuart: cherry picking time frames, isn't it? >> sure. stuart: go to the worst of the worst of course we look a little better by comparison, that's cherry picking. >> exactly right.
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more to the point. one of the things we know and the analysis points in the keynesian analysises or keynesian policies of obamanomics are failing. succeedening what they're suppose today do stimulate the state and local government, stimulus is about and what keynesian economics does, but horrible for bringing the economy back around and ultimately what we're going to have do do, they e better off f years ago or a realistic comparison to where we would have been for the baseline of the economy? of course not. the economy right now as of the month of september and the month of august. and seems to me, we're on a weakening trend again. manufacturing weakening. construction weakening. employment picture is still very weak. at this point can the president realistically say we're going in the right direction, just at this point in time? >> well, no, i don't think he
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can say it with a straight face. there's no compelling evidence to suggest the economy is moving in the right direction. we get tossed around because of day-to-day macroeconomic news and we are in the middle of a dow rally. and we can say, see, things are getting better. this is hour to hour kind of the thing we're talking about and the the fundamentals of what the economy is doing don't look good and one of the reasons they don't look good because the policy has been so bad and furthermore, we have a president who actually seems to have an ingrained belief that we have to increase taxes, starting just in a few months, if he's reelected and we know from every reliable source that this will provoke a double dip in the recession, this would be catastrophic, terrible ideas. stuart: arthur brooks, the next time you're in new york, would you please come in on sit on the set for a full hour and join our company so we can pick your brain for a 60 full minutes. >> i'd love to do that. stuart: you're on, you're on. arthur brooks, appreciate it.
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9:50 eastern, the gold report. look at this, 1703.90 that's where we are, gold is up today. are the big private equity firms a hedge funds the playground of the rich? the firms like bain capital and list of names might surprise you. it got heated between neil cavuto and richard trumka last night. listen to this. >> i tell you what, we'll do this. if i'm not telling the truth about germany, i'll give you my salary for a year. if i am, you give me your salary for a year. >> done. ♪
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[ male announcer ] dow solutions help millions of people by helping to make gluten free bread that doesn't taste gluten free. together, the elements of science and the human element can solve anything solutionism. the new optimis
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♪ >> union chief richard trumka is a sharp critic of american corporations and fox, but still agreed to a long interview with
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neil cavuto last night and during the interview trumka insisted europeans are paying workers more and do not outsource like our corporations do. listen to this. >> the germans make higher wages than us, kicking our butts in the markets. the sacandanavians, canadian, brazilians, creeping up with higher wages, not because they can't do it. >> a lot of jobs abroad. and all over it. >> no, they create more jobs at home and don't lay their people off. >> now you're making stuff up. >> no, i'm nofrjts yes, you are, you're making stuff up. >> now what, neil, i tell you what, we'll do this, if i'm not telling the truth about germany, i'll give you my salary for a year. if i am, you give me your salary for a year. >> done. >> and about 5-1 odds. [laughter] >> i'll join that bet, neil is right. more on this later.
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you'll be surprised who makes millions investing in bain capital. that will be new at ten and it's next.
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pension funds all profiting greatly from bain capital investment. dnc delegates really booing at jerusalem yesterday? megan kelly was there. she will talk to us in a couple minutes. check the big board. this is a rally. robert: -- mario draghi is going to print some money and buy some bonds and inject cash into europe and up though our stocks. 3.55%. mark that number. 3.55% on the bottom of the screen. of 30 year fixed rate mortgage, and thursday morning none other than business strategists carol roth joins us. nicole petallides still on the floor of the stock exchange. democrats continued their attack on mitt romney for oppressing
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the middle-class. take a look at who invests with bain capital. according to the new york posted as public worker pension plans. illinois municipal retirement fund, los angeles fire and police system leaders will state teachers retirement system, pennsylvania state retirement system and the university of california. university of michigan. democrats attack bane for being evil capitalists, bane helps the middle class. charles: absolutely. they put their money with them. $1.25 billion. metropolitan museum of art ware limousine liberals hang out. it is ridiculous. what i really want even more is let's talk to people who work at staples and the sports authority who probably will vote democrat
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without realizing their jobs -- stuart: democrats and president obama have painted a picture of private equity as being thoroughly evil. it addresses the people. it milks the people. this is a direct opposite evidence of that. >> absolutely. this is what is going to fund their retirement in the future whether you are a state employee or work for a company. this is what is frustrating to me. people do not understand what private equity is in or that they are the ones who are benefiting from it. the fed money policy is hurting the middle class. stuart: middle-class people through your retirement fund, you make profits from america's economy's growth. >> some of these funds with
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private equity. [talking over each other] charles: warren buffett and berkshire hathaway is a big giant umbrella that makes a bunch of investments in a bunch of companies with private equities. stuart: i want to show you the big board. we are up 177 points, 178 points. we got a reading on the service sector. it was positive. reading on the europeans. up goes the down 183 and three retail stocks. >> a couple winners here. men's warehouse leaguers the tuxedo rental unit with the high margins and don't have a corporate orders but making -- actually rented one to my son this week. 15%. the chairman finds 2.4 million shares and walgreen's with sales that mess and not doing well.
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stuart: that wraps up nicely. i have the latest breaking tracking poll from rasmussen reports. no bump of president obama. mitt romney now has 47% of the vote. president obama 34%. we will update you as more polls come in. i like the scene on a floor of the dnc as democrats doed the returning of god and jerusalem to the party platform. you heard it right here. they booed. megan callie is covering the convention and hosting her own show and joins me from charlotte. i couldn't believe -- you were air. they booed god and the return of jerusalem to the platform? >> it was a really extraordinary moment. it was -- they took jerusalem as
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the capital of israel out of the platform. they took it out and there was a passing reference to god-given ability. they affirmatively took that out of the platform and exploded on them. even democrats have been saying why would they do that two months before the vote and creative destruction in the party's most important week prior to that vote and to give fodder to the opposition some of whom tried to paint democrats as a godless in the first place which they vehemently deny but handed them a chip they could play and now we have this extraordinary scene on the floor of the convention were you literally have people standing up and doing an issue near and dear to the hearts of many americans. not just the dodd issue but israel as the capital. stuart: you are also in the hall when bill clinton made his speech. i was watching. seemed to me if you held a vote of those delegates in that
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convention hall last night they would vote for four more years of bill clinton and not necessarily for barack obama. how did it seem to you? >>:numbers reflect that. 59% approval rating among all americans. the president not in that league. they loved him. it is funny reading the papers this morning. the reviews seemed to largely depend -- friends on the other network talking about the greatest speech of all time and any objective observer would tell you when done too long. he hit on a lot of points that made the defense for president obama on anything from medicare to immigration to voting rights to jobs, but whether the average person sitting at home and 11:00
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at night to 11:24 is retaining that information. stuart: a lot of people watching the giants and cowboys. sandra accused paul ryan of allowing pregnant women to die in emergency rooms. she laid it on real thick. what was the response of the delegates to that kind of statement? >> it was not anywhere near as positive as we saw with president clinton but they were cheering. they believed in her message and she has become a heroine to folks on the left. with extraordinary to me was she was supposed to speak earlier and wanted to make sure she got the biggest audience possible and took as prime time and p m when they had the most eyeballs watching her and came with a message that was for the most part all about her wanting to
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warn america that if they put mitt romney and office we would have a president who didn't bother to call a private citizen attacked by a public figure referring to when rush limbaugh called her a prostitute after she asked public birth control to be covered so they wouldn't pay for it themselves. she makes this plead talking about we might have a president -- the president has come under fire himself for not standing of for those attacks by bill lauder has donated $1 million to his campaign. dangerous ground to be on but they felt was important for the nation to hear from her as ambassador for the party. stuart: can i end with this? a short sharp question. a white van four daughters. am i waiting a war on women if i don't want to pay for the universal free contraception for
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all women? >> that is the message they are sending. the problem for the democrats is they are very myopic on this issue. many in this country are fierce advocates of reproductive rights and take it so far as to say birth control needs to be covered as a mandatory thing so women don't have to pay for it themselves. they are for getting a lot of people in the country believe in smaller government and don't favor abortion on demand and feel alienated by this message and don't find themselves warriors against women. a lot of conservative women have come on a program including the key haley yesterday. stuart: i don't want to pay for it but i don't think i am waging a war on women. we will be watching you throughout the day on the fox news channel and thanks for appearing with us on "varney and company". a lot of jobs numbers this
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morning ahead of the big report that comes out tomorrow. 355,000 people filed first-time jobless claims last week. that is less than expected but too many layoffs. let's start with you. i don't see any serious improvement in the employment picture from this number or any others we have seen recently. >> we have the numbers that came out this morning and those were better than expected. stuart: new private-sector jobs. is that a trustee indicator? >> we are not doing as bad but we're still really bad. when you see the unemployment numbers we won't see a lot of change. at the end of the day people will vote on what is happening in their lives. if you are unemployed, if you are underemployed, it has to be around twenty million in this country altogether. i think people are going to say i am not doing so great. stuart: if your family member can't get a job. if your child is emerging from
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college can't get a job. if you are tanking up on gas and pay $4 a gallon you are going to say i am not doing well. >> food prices down. so many things. we keep hearing you better off? pretty clear for most americans that none of us are better off than we were four years ago. stuart: i got to tell you about the dow jones industrial average. it is up-to-date taking big names that you know up with it. let's start with facebook. where is that today? >> a winner again today. everything in the market has up arrows. auld dow 30 component in the green but the reason it is higher is we heard about mark zuckerberg that he will not be selling his shares for the next 12 months. that shows confidence. stuart: you got it right. apple and $6.72. i see amazon up again.
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microsoft -- >> microsoft is up as well. really great day on wall street. stuart: it is great to be doing so well. we appreciate that. how has the gop responded to what elizabeth warren and bill clinton said last night? we will go back to the dnc and ask white house chief of staff john sununu. you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner.
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stuart: key economic report crossing the wires. the housing market, freddie mac 30 year mortgage at $3.55. all-time low. who would have thought? next we have the latest on unemployment. the labor department says 355,000 first-time jobless claims last week still too high. the private sector out of 201,000 jobs in august. that was a pretty good report. that is why the dow was up so much. challenger gray and christmas layoffs fell to 20 months while last month but the big jobs report at 8:3 eastern shark tomorrow morning. thanks to europe we have a
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rally. check the big board. a big rally. dow jones average up 183 points. we are back above 13-2. back in 90 seconds.
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stuart: do not forget to join us tomorrow when i will bring you the august jobs report. we will simulcast the jobs report live starting at 8:29 on both the fox business network and the fox news channel. we will set it up just before the real number comes up
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sharply:30 on the dodge. you will get the number as of tomorrow at 8:30 sharp. the message from the democrats is clear. americans are better off than they were four years ago but president obama needs another term to finish the recovery so we can feel it. how should republicans respond? white house chief of staff of the george h. w. bush is in charlotte. his name is john sununu. always good to see you. >> good to be here. thank you for letting me join you. stuart: i would like to get your response to wall that we saw at the dnc last night from booing god to bill clinton to i would like to know quickly across the board what did you think? >> let me start for. that whole mess on god in the platform and the other issues shows you how incompetent this democratic party has led by president obama is. the farce on the floor having to
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go through three votes to put god back in -- as they can't run a lemonade stand can't run the presidency. no wonder we have not been able to deal with jobs and unemployment when that is how they can't even run their own crowd. stuart: on that subject, we haven't found out why god and jerusalem were taken out of the platform. we asked countless people. no one has told us why. there was a report that president obama knew about god and jerusalem coming out before the convention. >> there's a process putting platforms together. i suspect, don't know but i suspect someone had to raise their hand and make a motion to take god out of the platform and seconded and passed it that the farce of what happened on the
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floor shows you how disorganized this democratic party under president obama is. i have no explanation. stuart: former president clinton's performance. he went on -- >> a great infomercial for the clinton brand. on another program i said two thirds of the way through i started waiting for the -- the fact is i think he in essence used that opportunity to reaffirm the fact that a lot of people in the country like bill clinton and like hillary clinton and at the end he said there's another guy running for president and i am here to endorse him. what a lot of democrats hang their hat on is a dishonest why that nobody could have fixed this problem. that is dead wrong. this problem was manageable and fixable. we have a president who diddled
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for two months or two years playing around with obamacare and spending programs for friends like the public employee unions and getting money for friends like solyndra and the last two years he has been running for president he has done 205 fund-raisers and played golf 140 times and hasn't met with his jobs council once in the last six months and they have the gall to say he was working hard and couldn't fix the problem. he didn't even try. stuart: what do you think we will hear from the president tonight? >> more wind -- it will be blamed bush directly and indirectly and it was a hard problem and give me another chance. i used to -- kids come and ask for an incomplete when they did nothing during the term. they didn't meet their responsibilities or do what was expected of them.
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they failed to meet the obligation of being a student. that is the incomplete is right for this president. he didn't do what he was supposed to do. e didn't try. he really made no effort and the results were terrible and america unfortunately has 8.3% unemployment and will probably stay above 8 tomorrow. twenty-three million americans unemployed and underemployed and 75% of america telling people in polls they don't think they're better off personally. >> clearly a republican. thank you for joining us. come and see us whenever you can. charles: i am not worried about the disarray of the democratic platform. i'm control -- the control atheists have. this is the message i get. if you are a god-fearing heterosexual male who makes six figures and doesn't have a criminal record you are the scum of the earth and the problem with america. that is the message i get every
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night. stuart: i was shocked at the chaos on the floor, the absolute chaos. i could not believe they allowed it to get so under control. to your point the atheists, secular humanists had a powerful voice in the democrat party as of right now. >> they do and the broader question is is this considered a flip-flop because of republicans' any time anyone gets more information and change their mind they have flip-flop position. in this case they have new information. were they making an informed decision to change the platform? charles: trying to save florida. [talking over each other] stuart: 29 electoral college votes in florida up for grabs. there's a very heavy jewish vote in florets. i was shocked to hear the booing of putting jerusalem back -- [talking over each other]
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charles: an apology tour in egypt. if you feel strongly about israel and jerusalem being the capital you have to be very upset with what you have seen. [talking over each other] stuart: another item here. taken out of the platform was the condemnation and isolation of hamas and hezbollah. terrorist organizations. that was taken down. no isolation or condemnation in the platform and they didn't put it back in again. charles: there are no terrorist organizations. stuart: last time we had the owner of the shop feature in the cable show hard-core porn he told us how hard it is to find good help these days. he tells us if anything has changed.
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>> no evidence the economy is moving in the right direction. we are tossed around by day-to-day economic news. we are in the middle of a dow rally as we speak. we can say things are getting better but this is our to our. stuart: that was arthur broke reacting to clinton's claim we are better off than four years ago. for more on "varney and company" you have got to tune in at 9:20 eastern and catch our special jobs report on fox business and
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fox news tomorrow morning starting at 8:29 leading up to the jobs report sharp that a:30. check the market. this is a rally. 193 points higher. the europeans are going to print more money. look at the price of gold. it is up $12 higher above $1,700 an ounce. we are here at $97 per barrel. gas prices up ever so slightly. the national average at $3.82. diesel is 2 and $0.11. what is this? fedex is a winner? >> fedex is talking about their earnings going forward. a great economic indicator and saw weakness ahead and yesterday fedex dropped 2%. today is gaining some back at 4.1%. stuart: show me. >> nokia yesterday dropped 16%.
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there was so much hype for the phone which uses the windows system and today is down again. it came out and what everyone has been waiting for -- stuart: nokia is down again but microsoft is up today. it is above $31 a share. the windows operating system. to you want to explain that. >> microsoft has more than one phone. a huge conglomerate, diversified global company. one little flip with the nokia phone won't at auld dow 30 winners. stuart: i own microsoft stock. $31 a share, we are celebrating. the dow was up 200. democrats at the convention attacking mitt romney for his job creation record when he was
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governor of massachusetts. fact checkers are showing romney improved his state's job numbers considerably. the got unemployment below 5%. what about those people who were in that 5%? last night fox's bill o'reilly had something to say about that. >> almost full employment. they're 4.5% unemployment in massachusetts. those people are heroin addicts. they walk into walls. how can you bring the unemployment rate down from 4.5%. it is as low as it gets. 4.5% of the population can work for won't work. they are dunderheads' or layabouts. stuart: that is pretty explicit. joining us is the star of true tv's hard-core porn. he joins us in new york.
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good to see you. bill o'reilly was saying what you said on this program earlier. roughly one in 20 people in our society can't employ. >> you can employ them. do they want to work? there is a lot of opportunity out there. the small business owner. we need employees. of problem is getting employees to want to come to work. how bad you want it? that is what you ask each day. stuart: you say x number of people who they want a job but can't do it. can't get there on time. there are not sober and take days of sick. >> examples in my business. people go out for lunch and never come back. we hire someone on a friday who are supposed to start on monday and never show up. this is a problem for small business owners and business owners everywhere. stuart: bill o'reilly says they are heroin addicts and this and that. >> there's a lot of drug
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addiction no question. but there are issues. you need to want to go out and work. you need to want to go there and give your employer a day's work for a day's pay. people don't want to that. they want to get paid but don't want to work. charles: i had this issue and it is really bad. we know factually from different surveys i got an e-mail yesterday from a guy named steve. i am president of 500 plus employee manufacturer and it is difficult to find people who want to work. we have several openings and not only are getting people who want to start and after the unemployment runs out but they can't get applications. non skilled labor is difficult to find. stuart: you are blaming victims. [talking over each other] charles: the fact of the matter is in mississippi they have all
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the casino jobs. so many people sitting on reports that this moment. 20 people sitting on a porch. wasn't racism or discrimination. they couldn't pass the marijuana test. stuart: what about the skills gap. apps addicts and alcoholics. are there not people willing to work but cannot do the job because they don't have the skills? maybe they can't read or can't right? charles: all we care about in my business is that you can count. when you have people in the warehouse everything is numbered. that you can match the number on the ticket to the number on the item. if you can pass that test i will hire you. charles: the empire state earlier data survey of all the businesses. 55% said basic math skills having trouble with people with basic math skills licking worst was advanced computer skills and below that was 54.4 punctuality
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and reliability. >> go to the grocery store -- [talking over each other] >> if not for the computer they don't understand. >> not investing in education but entitlement. people feel i can sit back and collect a check. charles: we watered down what we expect from kids. [talking over each other] stuart: i'm going deaf in my left ear. thank you very much. the acting mayor of costa mesa, california says unions tried to accuse him of drunken-driving. this week union defender phil dine demanded proof of that. listen to this. >> show me the cases where that intimidation has been shown, not claimed to have existed. stuart: we bring you the proof from the mayor himself. [ male announcer ] let's say you need to take care of legal matters.
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stuart: the dow is up 211 points. tell me real fast why such a big rally? >> the jobs report tomorrow morning. we have the whisper number. 150,000. that number is not that
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impressive but will take a lot of months in a row to get jobs back to where we were. and traders, and haven't seen that level and a couple weeks. stuart: what about europeans printing money? that is part of this rally. >> have that but i do think this morning we saw on the open, 1/7 point rally the first ten to 15 seconds. we're thinking about the jobs report and the information on mario draghi but the reason for buying is the job report. most people think the market will higher tomorrow. stuart: thank you. appreciate it. let's go to california. the acting mayor of costa mesa it. additional that the police union is behind a phony 911 call accusing him of drunk driving. he passed the sobriety test.
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this week union defender filled 9 demanded proof of the union's involvement in that. >> show me cases where the intimidation has been shown, not claimed to have existed. stuart: here to offer that proved his acting costa mesa mayor jim wrecktimer. tell us your prove. >> the person was a private investigator who was from the riverside police department. he was hired by and on the web site of the law firm who represents the police association in our city and also the police association of 130 cities according to their web site. after it was found out it was him who was following me the immediately pulled him off of their web site and claimed he had nothing to do with them in
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any way, shea for form but it is not coming together that way. he followed me for four five miles and had a ten minute 911 call describes me weaving and rolling through stop signs, i am drunk or can't drive my car. was a great performance but i hadn't been drinking. the police officers checked me out that i was perfectly fine and this person came -- 70 miles away he lives and all of a sudden is in my town at some restaurant i happen to be at. not a mistake. doesn't happen that way. the district attorney in orange county has taken the case. they think this person is connected and since the time this happened the city manager was followed by the same car, a white four door deal with no license plates. one year ago and filed a police
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report saying the car was following him. by the way, the police department is handled by the same law firm. [talking over each other] stuart: dirty tricks and laying out false claims and false charges against you because you have run up against the police union. a direct connection to that. i want to move on because i am short of time. you have under -- and hurts the playbook, what telling activists members to go out and do to people like you. share it with us. >> i didn't it was unearthed by the orange county register. was on the law firm's website and goes to the techniques how to make sure you storm city council meetings. in our city what was happening was police officers would go on calls, i could really relate.
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we are short staffed. and i would not feel safe in this town of 5 here at they have a whisper campaign and get people to come to the city council meeting and say i heard you are understaff. we have over 1,000 applications for people who want to be police officers. we have a great town with low crime rate and right by the ocean. it is a great place to be. stuart: did you tell us last time that the average total income of a police officer in other southern california towns is $175,000 a year? >> total compensation by 175,000 average is the money left to put in the pension. as young as 50 years of age and 90% of their pay, $130,000 is regular pay and all these different specialty pace. 85% of people have specialty pay
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is. stuart: i am out of time coming against a hard break. i hope you will keep us up-to-date on how this progresses. all eyes on tomorrow's critical jobs report and guess who will know the numbers before all of us when he takes the stage at the democrat convention tonight. [ male announcer ] the markets keep moving.
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stuart: i bring you the latest from rasmussen reports. wiki even swing states mitt romney leads by president obama 47-43. and rasmussen's national tracking poll romney leads the president. check the big board. , a rally. dow averages up 218 points. it does back to europe. some are saying looking for a positive report on jobs tomorrow. that will be the focus of attention. we have 365,000 new claims for jobless benefits last week. still too high and again tomorrow the big august unemployment report. economists expect the.3%. that should be that rate. and you can expect the implication. it went up big. back in 90 seconds.
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stuart: the august jobs report tomorrow. we will simulcast that report, on fox business and the fox news channel. we will set it up before the real number comes out and charles and i will provide instant and solid analysis. let's stay on jobs. douglas holtz-eakin is with the conservative think tank american action forum. i am trying to assess the current state of our economy.
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president and the democrats say it is improving. i beg to differ. we are weakening as we speak. what say you? >> looks to me the economy was drifting sideways through the summer with rising oil prices. be on coming fiscal cliff. we saw some signs of weakness and a lot of reports have been weak. today's unemployment report and mfg. i s m which had strong employment components. i thought we would have 100,000 jobs below consensus now looking for 130,000 jobs and unemployment rate that is steady. no real deterioration. stuart: more of the same. former president clinton called for president obama need four more years to finish the job. if we gave the president four more years and he put in place the policies he says he is going to put in place what whave a robust dynamic return to
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prosperity. >> i don't see how that is possible. the characteristic of obama's policies is massive national debt. the history that countries burdened with this debt do not grow rapidly and face prospect of a financial crisis. his solution is higher marginal tax rates which are exceedingly detrimental to economic growth and i think that policy is toxic for economic growth. we have to take a different tack and follow the lesson of his own fiscal commission of lower marginal rates and broaden the base and have entitlement reform to control the debt and grow more rapidly. stuart: i said you keep developing or growing the debt like this the way we are and sooner or later we go bankrupt. that is a very harsh and perhaps overly harsh word to use but you get the point. at some point foreigners or americans will stop lending the
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government to lot of money. do you think we are getting close to that point? >> no one knows but i am concerned about it. i am convinced that if congress and the president decide to simply ignore the sequester scheduled for january and say we don't care about cutting $100 billion out of the budget and get a credit downgrade and convinced in the first year of the next president's term we don't see substantial progress international capital markets will lose faith in the u.s. we are close to the edge. stuart: close to the edge. we appreciate you being with us. you are one of the parade of stars that has been on the show and we thank you for being here. are you really better off now than four years ago? my take on that is next. ♪
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stuart: when you heard the line by the president's apologists. bill clinton repeated it last night. you are better off now. in my opinion they are wrong. worse they are covering up the failure of the obama presidency and trying to ram and other four years of failure down our throats. here's my take on are you better off? bring it close to home. gas has gone from the one dollar
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and $0.84 -- ueberroth? median income in down $4,000. that is money in the nation's pocket that is not there. you better off? and implement up from 7.8 to 8.3. the debt up to $16 trillion. how is the value of your home doing? you tell me. is america better off? left says we are going in the right direction and we are growing and that is better than the shrinking economy we had four years ago. let's look at this direction. this year we have gone from 4% growth to less than 2%. unemployment rate has gone up. factory output is falling. these indicators are not going in the right direction. are you better off? morally? forty-six million people on food stamps. extra three million on disability and children and grandchildren saddled with unpayable debt. half the population pays no federal income tax. they take from the other half.
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a naked plea to hold on to power and cover-up of failure.
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